The Powerball jackpot has jumped to $435 million, after Wednesday’s drawing failed to yield a winner for the top prize.
If the prize amount doesn’t go up before the 10:59 p.m. Eastern Time (ET) drawing Saturday, it would be the 11th-largest jackpot in U.S. history, and the eighth-largest Powerball drawing. The next-largest prize — a $435.3 million Powerball win in February — went to an anonymous winner in Indiana.
Of course, if you are lucky enough to pick the winning combo for this weekend’s drawing, you won’t walk away with the full amount.
Lottery site USAMega.com estimates the federal tax withholding on the $273.1 million lump sum would be nearly $68.28 million, and state taxes could knock out up to another $24.1 million (with New York the worst offender). Those figures are just the amounts withheld up front; your final tax burden is likely to be even higher.
source : CNBC